Customer reviews are a critical factor in the way businesses market themselves online, serving as important trust signals for consumers and search engines alike. But archaic regulations prohibited financial institutions from leveraging this crucial tool for years.
That changed when the SEC finalized significant revisions to its advertising regulations for the first time since the modern internet was invented — meaning that financial institutions can now confidently leverage customer testimonials and endorsements in their marketing efforts. While the changes took effect in mid 2021, enforcement was only set to begin by Nov. 4, 2022. (the Morgan Lewis law firm provided a detailed recap of the rules, from an investment advisor perspective.)
It’s hard to overstate how significant this change is. Nearly three-quarters of insurance customers, for example, report that reviews are “very” or “somewhat” important in their journey to purchase insurance. Feedonomics estimated 88% of consumers trust online reviews as much as personal recommendations.
So how can financial institution marketers ensure they’re taking advantage of this opportunity while remaining compliant with the new regulations? Here are four steps to take.
1. Actively Monitor and Analyze Reviews
Financial marketers will need to stay current on reviews — or what the SEC refers to as “testimonials and endorsements” — on multiple formats. Reviewers can leave their testimonial on owned properties like your website, or...
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